Australia: Draft update to GST treatment of cross-border supplies, digital currency
A draft update on the goods and service tax (GST) treatment of financial supplies
A draft update on the goods and service tax (GST) treatment of financial supplies
The Australian Taxation Office (ATO) on 10 August 2022 released a draft update on the goods and service tax (GST) treatment of financial supplies.
The draft update—GSTR 2002/2 Goods and service tax: GST treatment of financial supplies and related supplies and acquisitions—reflects changes in the GST law such as changes to the GST rules applicable to cross-border supplies and in relation to digital currency.
The draft includes new references relating to financial supplies, and contains some proposed changes to modernise certain parts of existing guidance. It also contains a new “buy-now pay-later” example that applies the ATO’s longstanding view on interest‑free loans as well as a number of updates to indicate when certain foreign currency-denominated products and overseas payment products are GST-free.
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